Physical possesion of gold/silver

M

markell50

Registered User
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Hi all.
Can anyone advise if it is possible to get physical possesion of gold/silver that is bought instead of storing it with a trader. I was thinking of investing but am concerned that if anything were to go wrong that the gold/silver would be unidentifiable as mine due to the fact that it only a paper/electronic record of what would be unascertained goods.
Any advice appreciated.
Regards,
Markell50
 
This might sound like a slightly paranoid question but if you buy physical gold, how can you be sure it is authentic in terms of purity etc? Is there any way of authenticating the gold you buy, or do you just need to know who you are buying from, go to a reputable firm?
 
Maybe it's time to dig out the half sovereign I gave to my wife on our wedding day?

Incidentally, if you travel to South Africa can you purchase Krugerrands easily enough and do you pay VAT or similar on them? Can you export them?
 
george.shaw said:
Gold hit new record highs in all currencies and it is was not even reported by RTE, Newstalk or the newspapers in Ireland:

PRECIOUS METALS: NY Gold Pulls Back A Bit From Record Level
http://online.wsj.com/article/BT-CO-20100609-707698.html?mod=WSJ_latestheadlines

Gold dips after record as risk appetite recovers
http://in.reuters.com/article/idINIndia-49167820100609
Click to expand...


mentioned here last week - http://www.tribune.ie/article/2010/may/30/market-barometer-inside-the-markets/?q=market barometer
 
Good article by CMC Markets. My point was the fact that the fact that gold had reached new record highs was barely reported in the Irish media and indeed in the UK media except in the Telegraph who are the only paper who regulalry cover gold.
[broken link removed]

The Irish media and most of the English media cover gold every two or three years and when they do it is generally negatively with pejorative references to 'goldbugs' rather than rational investors diversifying their portfolios in order to reduce risk.

This is in marked contrast to their coverage of equities which they cover in glorious technicolour detail every day and tend to 'cheerlead' witn 'analysts' from stockbrokers on touting their wares continuously. This would suggest that gold remains a fringe investment with most people not knowing what the price is let alone how one would go about investing in it.
 
buying gold in Switzerland

I read somewhere that you can walk into a bank in Switzerland and buy gold coins over the counter. Has anyone tried this? Does anyone know the situation when you bring the gold back into Ireland? Do you have to pay VAT or duty on it? Are there limits on how much gold you can leave Switzerland with? Or enter Ireland with?
 
BOXtheFOX said:
Incidentally, if you travel to South Africa can you purchase Krugerrands easily enough and do you pay VAT or similar on them? Can you export them?
Click to expand...

I did this last time I was in JoBurg. Had no problems bringing them back - I only had a few of them though...
 
seamus357 said:
I read somewhere that you can walk into a bank in Switzerland and buy gold coins over the counter. Has anyone tried this? Does anyone know the situation when you bring the gold back into Ireland? Do you have to pay VAT or duty on it? Are there limits on how much gold you can leave Switzerland with? Or enter Ireland with?
Click to expand...

I'm sure you can do this but seems like a lot of effort. I ordered a few krugers and maples on Kitco.com and got them a few days later by DHL...
 
Greentree, was that delivered from the US to Irl.? If so, are there any customs etc. issues?
 
Try going to a wissel/currency exchange dealer they often sell gold krugerrands and Canadian or American dollar coins
 
you have to declare any valuables after 10000 euros worth
so best to make several trips!
 
Markell50, I think I'd prefer to take the risk of electronic fraud, vs the risks associated with having physical possession of precious metals!
It could so easily get stolen! I don't know if thieves would have a metal detector as such, but in a lot of break-ins the thieves very easily discovered a hidden safe by using some sort of detector. I doubt a few grand's worth of gold would be covered under your house insurance.
 
Thieves do not have a metal detectors!! Gold and silver coins/ bars can be hidden in corners of attics, under floorboards, in jars in the freezer :)

Prefer a few gold bars hidden in my attic than paper euros in an Irish bank !

Gold hit new record nominal highs again today (stil half the price it was in 1980 if you adjust for inflation which is crucial to do) and will be interesting to see if the Irish Sunday papers even mention it.
 
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